Proactive Plan Proposing: Financial Services Regulatory Authority of Ontario announces installation of Auto Insurance Supervision Plan
Toronto, Ontario — The Financial Services Regulatory Authority of Ontario (FSRA) is releasing its first Auto Insurance Supervision Plan to promote public trust between drivers and insurers. The plan, which will come into effect beginning January 2024, includes three key areas of supervision for auto insurers over 15 months. These key areas include sale and […]
Fraudulent Findings: FSRA imposes administrative penalties and compliance order against McLaren and Fardy Warda
Toronto, Ontario – The Financial Services Regulatory Authority of Ontario (FSRA) has recently imposed a compliance order and an order imposing administrative penalties of $75,000 on McLaren Collision and $15,000 on Fardy Warda. The compliance order is the result of fraudulent insurance charging performed by both parties. Specifically, McLaren Collision charged an insurer for repairs […]
Insurance Clique: FSRA to launch review of 12 Ont. insurers blocking access to auto insurance
Toronto, Ontario — Ontario’s financial regulator has called out 12 insurance companies for non-compliance with the province’s “Take-All-Comers” requirement, alleging in a 45-page report that consumers have been blocked from accessing mandatory auto insurance. In Ontario, the “Take-All-Comers” mandate states that insurers are required by law to accept business from all consumers who meet FSRA-approved […]
Rate Daze: Auto insurance rating systems becoming complex beyond understanding, lawyer says
Toronto, Ontario — The current Canadian auto insurance rating system is so complex, a lawyer who recently spoke at a recent insurance industry event said that “There are concerns that these systems will be so complex over time that we don’t understand them.” Carole Piovesan, co-founder of data law and consulting firms INQ Law and […]
No Longer Hidden: FSRA warning consumers Hidden Ace Brokerage is not licensed to conduct insurance business in Ontario
Toronto, Ontario —It has come to FSRA’s attention that Hidden Ace Brokerage is conducting an auto insurance business without a licence to sell. The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Hidden Ace Brokerage is not licensed by the Registered Insurance Brokers of Ontario (RIBO) and is not licensed as […]
